{"id":3865,"date":"2018-09-04T00:00:00","date_gmt":"2018-09-04T06:00:00","guid":{"rendered":"https:\/\/universalaccountingschool.com\/the-irs-helps-americans-plan-for-retirement\/"},"modified":"2024-12-18T22:13:38","modified_gmt":"2024-12-19T05:13:38","slug":"the-irs-helps-americans-plan-for-retirement","status":"publish","type":"post","link":"https:\/\/universalaccountingschool.com\/the-irs-helps-americans-plan-for-retirement\/","title":{"rendered":"The IRS Helps Americans Plan for Retirement"},"content":{"rendered":"
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The IRS is interested in helping Americans save for the future and has taken time to create some guidance that will enable taxpayers to better choose a retirement plan that suits their unique needs.<\/p>\n

In a March 21, 2012 press release, the IRS detailed four ways they are helping Americans put their savings to better use:<\/p>\n

    \n
  1. Automatic enrollment.<\/strong>\u00a0 The Treasury and IRS have issued more information on their retirement and savings initiatives which enable 401(k) plan sponsors to include automatic contribution increases. \u00a0To help with this, the IRS provides sample automatic enrollment plan language and guidance to interested employers and other plan sponsors.\u00a0 For more information, visit the IRS.gov<\/a>.<\/li>\n
  2. Receive tax refunds as US Savings Bonds.<\/strong> \u00a0While you and your clients may have received your tax refund weeks ago, it\u2019s good to remember that IRS has enables taxpayers to buy up to $5000 in US Series I Savings Bonds<\/a> with their income tax refunds.<\/li>\n
  3. Save payments that would be received for unused vacation or similar leave. <\/strong>\u00a0There are some employees that can choose to receive cash payments for unused vacation, etc. when they quit or even in the duration of their employment.\u00a0 These cash payments can be used as contributions to retirement plans for which the Treasury and IRS have issued guidance.\u00a0 Learn more here<\/a> and here<\/a> at IRS.gov.<\/li>\n
  4. Roll over retirement distributions into IRAs or other plans<\/strong>.\u00a0 The press release explains, \u201cA key risk to lifetime savings is when an employee spends his or her lump sum payment, instead of electing to roll over the payment to an IRA or other retirement plan.\u201d\u00a0 The IRS refers to Notice 2009-68<\/a> in explaining how the rollover option works.<\/li>\n<\/ol>\n

    It\u2019s important that you understand all the retirement options available, not only so that you can prepare for your own comfortable retirement, but so that you can help your clients do the same.<\/p>\n

    Universal Accounting Helps Tax Preparers Succeed<\/strong><\/h3>\n

    At Universal, we believe it\u2019s important to prepare for the future, and we\u2019re interested in seeing your future success as a tax preparer. Our online tax training, the Professional Tax Preparer Program,<\/a> is designed to help professionals like you master tax preparation, become efficient in the completion of individual and business returns, and establish thriving home-based tax businesses.\u00a0 If you would like to learn more, visit Universal for a free video today<\/a>!<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    The IRS is interested in helping Americans save for the future and has taken time to create some guidance that will enable taxpayers to better choose a retirement plan that suits their unique needs. In a March 21, 2012 press release, the IRS detailed four ways they are helping Americans put their savings to better […]<\/p>\n","protected":false},"author":33,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[98,102],"tags":[],"class_list":["post-3865","post","type-post","status-publish","format-standard","hentry","category-tax-irs-updates","category-tax-preparation"],"_links":{"self":[{"href":"https:\/\/universalaccountingschool.com\/wp-json\/wp\/v2\/posts\/3865","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/universalaccountingschool.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/universalaccountingschool.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/universalaccountingschool.com\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/universalaccountingschool.com\/wp-json\/wp\/v2\/comments?post=3865"}],"version-history":[{"count":0,"href":"https:\/\/universalaccountingschool.com\/wp-json\/wp\/v2\/posts\/3865\/revisions"}],"wp:attachment":[{"href":"https:\/\/universalaccountingschool.com\/wp-json\/wp\/v2\/media?parent=3865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/universalaccountingschool.com\/wp-json\/wp\/v2\/categories?post=3865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/universalaccountingschool.com\/wp-json\/wp\/v2\/tags?post=3865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}